KB Financial Chairman Nominee Lee Jae-geun Says He Won’t Settle for No. 1, Vows Stronger Capital-Markets Edge

Source

Uk Jin

Summary

Lee, the chairman nominee, said he would sustain growth without becoming complacent as the leader by embedding artificial intelligence technology and strengthening competitiveness in capital markets.
He said changes in financial markets, including AI, digitalization, money moving into stocks, and aging, should be treated as a risk, adding that the next three to five years will be decisive for responding properly.
He also said he would lead the shift toward a capital-market-centered system, create new industry standards and benchmarks, and continue backing productive finance.

Forecast Trend Report by Period

AI, digitalization, money moving into stocks, and aging

Swift response to changes in financial markets

Emphasis on leading change in capital markets

Cautious on the possibility of generational turnover

Leadership and expertise matter more than age

Photo: KB logo

Lee Jae-geun, head of the global business division at KB Financial Group and the nominee for the group’s next chairman, signaled he would pursue further growth rather than rest on the company’s No. 1 position. He also stressed plans to embed artificial intelligence across the business and strengthen competitiveness in capital markets.

Speaking to reporters on his way to work at KB Financial Group’s new headquarters building in Seoul’s Yeouido on Sept. 14, Lee said his selection came with a message not to grow complacent even as the company posts record earnings and a record-high share price. He said KB would keep moving forward without falling behind market changes, building on its stable performance. He added that he would carry on the current management team’s strategy without damaging it.

Lee cited AI, digitalization, money moving into the stock market and population aging as changes to which KB Financial must respond quickly. On AI, he said the next three to five years would be a defining period and that failing to respond properly could determine the group’s fate. Efforts to embed generative AI into day-to-day operations are set to gather pace.

Lee also indicated that the “bold change” emphasized by the chairman recommendation committee referred to strengthening competitiveness in capital markets. He said he would lead the shift as financial markets become more centered on capital markets. Creating new industry standards and benchmarks in this area is the role of Korea’s leading financial group, he added. He is also expected to continue supporting productive finance, an area where the group has been making large investments.

He also outlined his principles for appointing affiliate chief executives. Rather than focusing on generational turnover based on age, Lee said it was more important to create an organization that makes decisions more quickly and with stronger accountability. He said discussions would be based not on age but on leadership and expertise that can draw commitment from employees. The terms of 10 affiliate CEOs, including KB Kookmin Bank President Lee Hwan-ju, KB Insurance CEO Koo Bon-wook, KB Securities CEO Lee Hong-gu and KB Kookmin Card CEO Kim Jae-gwan, expire at the end of this year.

On management style, Lee said the organization should run on systems. He said he would place greater emphasis on an organization driven by systems rather than individual capability, as well as one that is decentralized and sustainable.

Kim Jin-seong, Hankyung reporter jskim1028@hankyung.com